As an intermediary, I have dealt with multiple "arbitrage" disputes between arbitrage groups and exchanges, which can be quite tricky and subtle. Some have happy endings, some acknowledge losses, and some go to court or public opinion. Reputation and structure are built on another level of gains and losses, and exchanges and traders at different stages have different choices. Every additional layer of risk control rules is a lesson from losses. Even the smartest innovator has a thousand doubts and mistakes, such as Bitmex, which freezes hundreds of BTC from multiple friends and will never be able to retrieve them.